In some workplace injuries, the workers’ compensation company may offer a lump sum payment. The offer may seem like a large amount of money, and you may be tempted to accept the offer because you need the money now. However, it’s not always a good idea to accept a single cash settlement without consulting with a Boca Raton workers’ comp attorney.
What Does A Lump Sum Settlement Cover?
A cash settlement offered by the employer or workers’ compensation insurance company may include compensation of all medical expenses to date. It may also include a portion of your lost wages due to your injury. The settlement offer not only includes all current and past expenses and costs, but it may include an amount for future medical expenses, depending on your injury.
The offer is made after a prognosis by your doctor and possible expectations by other medical experts. The number often seems impressive to the average person who may need the money because he or she has been out of work for some time. However, a lump sum settlement may not equal the amount of compensation you are entitled to receive by law.
Limitations Of A Lump Sum Settlement
What you need to remember is that the workers’ compensation insurance company is trying to limit the benefits it must pay on your claim. In order for you to receive a lump sum settlement payment, you must sign paperwork stating you waive your right to any additional claims or other benefits in the future related to this injury. If you require additional surgery or you are unable to work due to the injury, you are unable to go back to the insurance company for additional money once you accept the lump sum payment. If your injury results in more medical care than expected, you will be left paying the costs.
What To Consider In A Settlement Offer?
When you are offered a settlement, you cannot simply look at the amount being offered by the insurance company. You must think about the big picture.
- Does the settlement adequately address your ongoing and future expenses?
- Does the settlement compensate for a worsening health condition?
- Will you be able to return to work or find another job?
- What other benefits may you be entitled to if you do not accept the lump sum settlement?
It can be hard to understand the questions to ask or the answers that are given by the insurance company and how they relate to your claim. It’s important to work with an experienced Boca Raton workers’ compensation lawyer. Your attorney reviews all aspects of your injury claim, including all of the medical information available. Your attorney may request evaluations to help determine your ongoing medical costs and degree of permanent disability before calculating the value of your workers’ compensation claim.
Before accepting a lump sum settlement, consult with a Boca Raton workers’ compensation attorney for legal counsel to help you decide whether your cash settlement offer is sufficient. Your attorney can help you decide whether to make a counteroffer or reject the offer entirely. Your attorney has your best interests in mind when negotiating with the workers’ compensation company. The insurance representative is looking out for the company, not for you. Get someone on your side who will protect you and fight for your legal right to a fair and full settlement.
Call A Boca Raton Attorney For A Free Case Evaluation
The Broderick Law Firm, P.L. can help you obtain the benefits you deserve. Contact our office today 1-800-333-3903 to speak with an attorney.